Phillips 66 reported a first-quarter 2025 net income attributable to Phillips 66 of $487 million, or $1.18 per share. However, the company posted an adjusted loss of $368 million, or $0.90 per share, which included a $246 million pre-tax impact of accelerated depreciation related to the Los Angeles refinery closure plan.
The adjusted loss also excludes a $1 billion pre-tax gain from the disposition of its non-operated interest in Coop. Midstream results decreased due to lower volumes from turnaround activity, while Refining results reflected lower volumes and higher costs from turnarounds, despite increased realized margins. Renewable Fuels results declined due to tax credit transitions and inventory impacts.
Amidst these results, Phillips 66 announced the construction of the Iron Mesa gas processing plant in the Permian Basin, expected online in Q1 2027 and funded within the existing capital budget. This project is part of the company's plan to organically grow Midstream run rate adjusted EBITDA to $4.5 billion by 2027, demonstrating continued investment in its integrated wellhead-to-market strategy.
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